UPDATE: Harley-Davidson Posts Downbeat Q4 Profit

Harley-Davidson (NYSE: HOG) reported a drop in its fourth-quarter profit.

Harley-Davidson's quarterly profit fell to $70.64 million, or $0.31 per share, from $105.7 million, or $0.46 per share, in the year-earlier period. However, analysts expected a profit of $0.32 per share.

Its sales dropped to $1.17 billion from $1.18 billion.

Harley-Davidson projects to ship 259,000 to 264,000 motorcycles in 2013.